Asian Oilfields in the limelight

Asian Oilfields hit an intra day high at Rs.137.50, just an inch away from its 52-week high of Rs.138.90. Since then it has come off this level and is now ruling at Rs.133, nevertheless, up over 3.5%.

The market is happy with the news that it has received an order from Oil India for 2D Seismic Data Acquisition in Manipur (Area-1) from the unappraised areas of North East India. The order is valued at Rs.143 crore and the company  for an estimated contract value of Rs 142.86 crore.

This is the third order in recent times from Oil India. In November, it had got two orders for an estimated total value of Rs 140 crore. Prior to this, in had received a contract in September from a company in Netherlands for 222.1 square kilometer of 3D Seismic Data Acquisition at block EP 4 in Myanmar. This contract was valued at $7.33 million.

On the financial front though Q2FY17 was bad as it had ended the quarter with a much lower topline and a net loss of Rs.1.55 crore. Market cap is at Rs.164 crore. Promoters holding is suspiciously low at 9.88%.